Bank of England to look closer at rise of AI in finance

A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams

LONDON (Reuters) -The Bank of England will study more closely the growing use of artificial intelligence by financial firms, but specific regulations that target AI may not be the best way forward, Deputy Governor Sam Woods said on Wednesday.

Machine learning and some types of AI were already being widely used for fraud and money laundering detection, but applications for other forms were only at an exploratory stage, Woods said.